Innovation for You and Your Business

Innovation in a nutshell is change. Change can be big or small, internal or external, instant or gradual. It is the method and application of that change that determines the level of impact it has on its surroundings. Change is inevitable, and the ability to be adapt and restructure to changes in your environment is the most relatable form of innovation.

When we think of innovation, technology is often the next word we associate with this concept. New technologies and disruptive applications that continue to evolve and pave the way forward for us as humans, companies, industries, economies, and nations. The power that comes from innovation has been witnessed for generations, but what varies is the way in which it is perceived and propagated. Innovation may be received positively or negatively but regardless it is recurring and imminent. Learning to adapt and be flexible is fundamental to surf the waves of innovation to come.

Innovation can take many forms and may be adopted across business strategies or as an isolated strategy in say a single product feature. The risk associated with innovation varies but can be managed depending on the application of the innovation. For instance, with architectural innovation a product or service may be upgraded or restructured for enhanced performance through the development of an MVP or pilot test. This is low risk with the opportunity to test the effectiveness of the innovated product or service and analyse feedback before going to market. If the outcome is not as expected there is still the option to revert back to the previous product or service architecture. This type of innovation is particularly useful with product development or projects that require substantial investment to launch the vehicle being innovated.

Where a market share is already established, businesses tend to opt for incremental innovation where new value can be created for an existing consumer base. While new consumers may enter the market, the growth tends to be organic, and the focus is on retention of existing customers. This type of innovation helps businesses to remain competitive, relevant and the preferred choice for their customers, securing the longevity of the business. This approach requires flexibility and adaptability to changes in the business environment and a willingness to listen to what the market wants.

What the market wants versus what the market needs may be differ, and that’s usually where disruptive innovation stems from. This need to address challenges that can only be overcome with disruptive innovation that brings with it significant change. For instance, the birth of the internet can only be described as disruptive, completely altering the way in which we access and share information. Uniting people, companies, industries and continents where they can share information and transact without borders. It transformed how we communicate, do business and transact forever. Resulting in radical innovation that had substantially influence on the economy and life as we know it. Wi-fi is another remarkable example of radical innovation, providing all the benefits of the internet while on the go. It gave a new level of freedom which was previously unimaginable. Changing how families interact within the home, changing how offices are managed and changing our connectivity with the world.

This shows us that there is not 'one' single path to innovation. It’s not about following rules or a roadmap to reach your goals, but rather keeping your ears open, your mind open, your options open. It is this flexibility and fluidity that will help you and your business to remould and restructure as you surf the waves of innovation.